Adroit Market Research has released a new report that predicts that the market for risk-based authentication solutions will climb to $12.8 billion by 2028. The firm attributed much of that growth to the expanding mobile ecosystem, which has increased the need for solutions that can cover a large number of IoT devices.
In that regard, Adroit noted that traditional password-based security is simply not strong enough to guard against more modern cyberthreats. People in virtually every industry are now accessing work materials with their own personal devices, and much of that data is now stored in the cloud rather than on-premises. Such setups are generally more convenient, but also increase exposure because hackers only need to crack one device to access an entire system.
Risk-based authentication helps solve that problem because it can identify high-risk situations, and lets organizations adjust their security procedures accordingly. A behavioral biometrics system, for example, could passively monitor user sessions, and would only request another form of step-up multi-factor authentication if it notices any suspicious activity.
According to Adroit, the risk-based authentication market will benefit from a new wave of international regulations that will force many companies to adopt new security technologies. Other companies will take a more proactive approach, and will upgrade their security setup to reduce the threat of cyberattacks and data breaches.
Adroit believes that the demand for risk-based solutions will be particularly high in the government and healthcare sectors. North America will be the largest market for the technology, though demand is expected to increase in every region. The company identified IBM, Okta, and Gemalto (now part of Thales) as key players in the risk authentication space.
In 2018, MarketsandMarkets predicted that the risk-based authentication market would reach $5.41 billion by 2023. Adroit, meanwhile, has suggested that the demand for Biometrics-as-a-Service solutions will hit $3 billion in 2025.
May 31, 2021 – by Eric Weiss